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  • Two Wheeler Loan Interest Rates

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    Overview:

    With mounting costs of public transport and increasing traffic, owning a vehicle of your own has become more of a necessity than extravagance. When compared to cars, a two-wheeler is easier to maintain and consumes less fuel. If you are worried about the unexpected expenses that you will incur if you purchase a motorbike, applying for a two-wheeler loan is the best thing to do. With lot of leading banks in India offering two wheeler loans, you can not only get the vehicle of your dreams in no time but also pay back the loan without any financial stress through easy instalments.

    Before applying for a two-wheeler loan, you must always discuss about the prevailing interest rates with your banker and check your affordability. Since the interest rates can make or break your loan deal, always pay attention to the finer details about the rate of interest.

    Perfect Personal Loan Deals for you

    Also Read: Two Wheeler Insurance.

    Features and Benefits of Two Wheeler Loans:

    • With most of the banks offering loans up to 90% of the on-road price of the vehicle, you can purchase any brand new two-wheeler without any second thoughts.

    • Burning up all your savings to purchase a two-wheeler is a risky option. Instead, avail a two-wheeler loan to relieve you of the financial burden. As an added advantage, you can also plan your budget effectively and pay back the loan in affordable EMIs.

    • Two-wheeler loans usually cover the cost of insurance, accessories and registration.

    • To get more out of your two-wheeler loan, check for loan partnership options with your automobile dealer.

    • Two-wheeler loan requires minimal documentation and is offered for all sections of people and all class of customers.

    • The income criteria is also lenient and most of the banks offer motorbike loans for people with an annual income of Rs.50,000.

    • There is either no prepayment penalty or a nominal foreclosure charge for paying off the two-wheeler loan ahead of the tenure.

    • Most of the banks also offer flexible repayment options which will enable the customer to choose a comfortable tenure.

    Two Wheeler Loan Interest Rates:

    The interest rates for two-wheelers loans in India vary between 13% to 27% depending on the bank, type of vehicle, applicant's employment type and source of Income.

    The interest rates are usually floating and is linked to the base rates. Because a two-wheeler is a depreciating asset, the interest rates are generally higher when compared to other loan products. Interest rates for two-wheeler loans may also depend on other factors like the tenure, margin and type of vehicle.

    Current Two Wheeler Loan Interest Rates:

    Given below are the current interest rates for two wheeler loans offered by Indian banks and financiers:

    Name of bank Two wheeler Interest rate
    SBI MCLR + 3.00% = 12.10%
    HDFC Super Bike Two wheeler Loan APR: 9.96% to 15.74% IRR: 9.95% to 15.50%
    Two wheeler Loan 11.37% to 33.15% 11.01% to 24.07%
    Saurashtra Bank Repayment Period upto 3 Years 15%
    Repayment Period above 3 Years, upto 5 years 16%
    Bank of Baroda One year MCLR + Strategic Premium + 4.00%
    Punjab National Bank (14.50 %) In which monthly income is being paid via concerned branch and/ or under check off facility < 3 years MCLR+3.10%
    equal to 3 years MCLR+3.60%
    For every other loan including Business concerns < 3years MCLR+4.10%
    equal to 3 years MCLR+4.60%
    Power Ride Upto 36 months MCLR+1.60%
    Andhra Bank For loan term up to 36 months MCLR + 1.80%
    For loan terms more than 36 months MCLR + 1.80% + 0.25%
    Bajaj Fin Serv Customers are segregated into three bands, namely,
    High >30%
    Medium 27% to 30%
    Low <27%
    L & T Finance Upto 23%; actual rate varies on fluctuations in market and credit worthiness of the borrower
    UCO Bank For General category - MCLR of 1 Year + 4.40%
    Accounts with full liquid collateral security, 1.00% interest Rebate
    Accounts with 50% liquid collateral security, 0.50% interest Rebate
    Syndicate Bank MCLR+2%
    Vijaya Bank MCLR 1 Year + 2.20% =11.65% p.a. (floating)
    Allahabad Bank MCLR+3.00%
    Oriental Bank of Commerce Upto 36 months BR + 0.50% = 10.20%
    Upto 84 months BR + 0.75% = 10.45%
    Shriram City Union Finance At the lender's discretion on the basis of schemes opted by the borrower
    Bank of India For a new vehicle, for all tenures within the repayment period of the scheme BSS (0.10%) above 1 Year MCLR (Presently 9.50 %)
    Punjab & Sind Bank New Vehicles Two Wheeler One Year MCLR (9.60%)+ 2.00% = 11.60% One year MCLR+3.10% (PER: 13.40% p.a.)
    Lakshmi Vilas Bank
    Nainital Bank Base rate + 0.25% (Floating)
    City Union Bank Base rate Base rate + 7% = 17.50%
    BPLR PLR + 1% = 17.25%
    State Bank of Mysore Upto 5 years MCLR + 6.55% = 16.05%
    State Bank of Travancore Rs.50000 and below 13.85%
    Above Rs.50000 12.85%
    State Bank of Patiala Floating Rate of Interest 15.75% p.a. i.e. 6.25% above MCLR
    Fixed Rate of Interest 16.00% p.a. i.e. 6.50% above MCLR
    Corporation Bank 13.10%
    Central Bank of India Floating MCLR + 0.40%
    Fixed Rate ( Repayment within 36 months) MCLR + 0.40%

    Eligibility and Documentation for Two Wheeler Loans:

    In India, most of the banks offer two-wheeler loans for people in the age group of 18 to 65. The applicant can be a student, a salaried profession or a self-employed customer. Select banks also offer specialized two-wheeler loan products for agriculturists. The income criteria for two-wheeler loans depend on the type of loan and is at the discretion of bank.

    Documents - The applicants have to submit an ID proof and a proof of address. Income documents like bank account statements, salary slips, income tax return statements and certificate of employment is also required. Agriculturists and self-employed people have to submit relevant supporting documents to avail a loan for two-wheeler.

    How to Compare Two Wheeler Interest Rates?

    • Before deciding on a two-wheeler loan product, carefully analyze about all the features that it has to offer.

    • Check if the interest rates for two-wheeler loan with regards to a particular bank is floating or fixed. Also, use a two-wheeler loan EMI calculator to decide your loan affordability.

    • In a two-wheeler loan EMI calculator, all you have to enter is the loan amount, tenure and the interest rates. The calculator will project the monthly EMI along with the repayment schedule which will help you decide if the loan on that interest rate is affordable.

    • Compare different two-wheeler loan products and check if features like nil-foreclosure charges, insurance and high quantum is offered. Also, make sure you compare the interest rates for two-wheeler loans using a third-party comparison website.

    News about Two Wheeler Loan

    • Bajaj launches the new Pulsar 220F

      The Bajaj Pulsar 220 is the largest selling 200 CC Bajaj motorcycle. The company has recently launched the new model of the Bajaj Pulsar 220 which is compliant with the Bharat Stage IV emission norms. The Bajaj Pulsar 220F was launched in July 2007, which was equipped with a fuel injection system. The new Bajaj Pulsar 220F has been priced at Rs.91,201 (ex-showroom Delhi) and is Rs.2,274 more than its sibling the Bajaj Pulsar 220. The engine in the Bajaj Pulsar 220F has been upgraded to the Bharat Stage IV norms, but most of the engine specifications remain the same. The motorcycle comes with a 220 CC, oil-cooled, single cylinder engine, which delivers the power through a five-speed gearbox to the rear wheel. The new motorcycle will feature a matte black finish on the exhaust canister, a cool-blue backlit instrument cluster, and a new seat for better riding comfort.

      ></p> <p><em> 5th January 2017 </em></p> </div> <div class=

    • Yamaha and Honda may soon tie-up for Japanese Market

      In what may come as a historic event, Honda Motor Co and Yamaha motor Co may soon enter into a tie-up for small scooters to launch new lines for the Japanese markets. This is considered historic given their heated rivalry that stretches back a number of decades. For the first time ever, Honda, the world's largest manufacturer of two wheelers will begin work on Manufacturing Yamaha's 50cc scooters in its plant located in the south of Japan by the latter half of 2018. Reuters reports that the tie-up comes in face of shrinking two-wheeler market in Japan.

      /></p> <p><em>10th October 2016 </em></p> </div> <div class=

    • New dual tone colour variant of Honda Dream Yuga unveiled

      Honda's Dream Yuga has been introduced in a new dual tone colour variation. The 2016 model is now available in an attractive colour scheme of Black and Athletic Blue in metallic shades. The new option is available at the same cost as existing models, at the ex-showroom price of Rs. 51,499.

      The Dream Yuga is a frontrunner in the Dream series of motorcycles from Honda, owing to its reliability, fuel efficiency and ease of maintenance. The new colour scheme is expected to bring a touch of youthfulness to the motorcycle range.

      Dream Yuga is now available in six colours, Black, Black with Athletic Blue Metallic, Black with Heavy Grey Metallic, Black with Radiant Red Metallic, Sports Red and Pearl Amazing White.

      ></p> <p><em> 27th September 2016 </em></p> </div> <div class=

    Two Wheeler Loan by Other Banks
    Two Wheeler Loan

    Customer Reviews

  • Page 1 of 50 1 2 3 4 5
    • HDFC Bank Two Wheeler Loan
      "Good"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I got the two wheeler loan with the HDFC bank and the interest rate is okay for me. I got the loan to be get sanctioned within two days of time, also the documents are very simple one with them. Response and other aspects are good one with them.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
    • Vijaya Bank Two Wheeler Loan
      "Excellent service"
      VIJAYA BANK
      0.5 5.0/5 "Blown Away!"
      I had two wheeler from Vijaya bank they process my bike loan within a week. I had taken the amount of Rs.50,000 to purchase fashion bike then they sanctioned my loan and I preclosured my bike loan without paying any extra charges. I liked the response which they gave for my bike loan.
      Was this review helpful? 1
      , coimbatore
      Reviewed on May 25, 2017
    • Shriram City Two Wheeler Loan
      "Good Service"
      SHRIRAM CITY UNION FINANCE
      0.5 4.0/5 "Great!"
      In the year of 2014, I had taken two wheeler loan from Shriram Finance. Also I cleared the loan and received NOC from them as well. I do not remember the rate of interest for two wheeler loan. As per my experience Shriram finance is recommendable for the loan.
      Was this review helpful? 0
      , haldwani
      Reviewed on May 24, 2017
    • IOB Two Wheeler Loan
      "Good Response"
      INDIAN OVERSEAS BANK
      0.5 5.0/5 "Blown Away!"
      Interest rate for two wheeler loan is of 10.2%. It was quite easy to take the loan from Indian Overseas Bank. The entire process went good with no issues. The bank delivered good customer service as well and I got proper response for my loan application.
      Was this review helpful? 0
      , thrissur
      Reviewed on May 24, 2017
    • ICICI Two Wheeler Loan
      "Good Service"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      Long back I had taken two wheeler loan from ICICI bank. The loan process went smooth and it was very easy to approach the bank for the loan. They had done with the loan process within a day. It was hassles free service with ICICI bank.
      Was this review helpful? 0
      , salem
      Reviewed on May 24, 2017
    • L&T Finance Two Wheeler Loan
      "Fair"
      L&T FINANCE LIMITED
      0.5 3.0/5 "Satisfactory"
      Currently, I am having the two wheeler loan with the L&T finance limited and the loan amount got credited within an hour of time. They have provided around 80% of cost of the vehicle as loan and the processing charges were nil with them. They did not provide the ECS option for me till now.
      Was this review helpful? 0
      , siliguri
      Reviewed on May 23, 2017
    • review Two Wheeler Loan
      "Good Service"
      BAJAJ FINSERV
      0.5 4.0/5 "Great!"
      I had taken the bike loan from bajaj finance i just waked into bajaj they explained me everything which includes the bike value is rupees one laks the total loan amount including emi is 1.20 thousand next month the loan is getting completed EMI is 3200 and this is for a tenure of 2.5 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 22, 2017
    • review Two Wheeler Loan
      "Happy banking"
      KARNATAKA BANK
      0.5 5.0/5 "Blown Away!"
      Actually I had taken two wheeler loan every year with Karnataka bank. Till date, I had take four two wheeler loan with the same bank for my family members. I feel more comfortable with Karnataka bank. Actually I had given the proposal to the bank at 3:30 PM and I got loan DD in the evening, so such a fast service they had delivered my loan application. I used to pay double the EMI to close the loan earlier. I am more than happy with Karnataka bank and its services.
      Was this review helpful? 0
      , chennai
      Reviewed on May 22, 2017
    • HDFC Bank Two Wheeler Loan
      "Helpful Service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      Long back ago I had taken a two wheeler loan from HDFC bank. At that time, the interest rate was very normal and affordable. Also the process went smooth without any hassles. Moreover it was very easy to avail the loan from HDFC bank as they are supportive.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 20, 2017
    • review Two Wheeler Loan
      "Good service"
      UNION BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      It was very good service with Union bank of India. I got a good 2 wheeler loan experience with Union bank during the year 2005. The rate of interest and processing fee is nominal with Union bank. This Two-wheeler loan has the tenure of 3 years. Overall it was a very good service provided by them.
      Was this review helpful? 0
      , asansol
      Reviewed on May 19, 2017
    • review Two Wheeler Loan
      "Wonderful "
      INDUSIND BANK LTD
      0.5 4.0/5 "Great!"
      I have closed the two wheeler loan with the Indusind bank and the interest rate was lesser one with them on that time. I got the NOC paper within one to two months of time and there are no issues with them. I got the loan amount within two weeks of time.
      Was this review helpful? 1
      , chennai
      Reviewed on May 17, 2017
    • HDFC Bank Two Wheeler Loan
      "Good Bank"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      In the year of 2013, I had taken two wheeler loan from HDFC bank. At that time, the interest rate is normal and I do not remember the exact rate of interest. Also they processed the loan in a very good manner. They have standard customer service. Their overall service is good.
      Was this review helpful? 1
      , pune
      Reviewed on May 17, 2017
    • review Two Wheeler Loan
      "The Best Service"
      BAJAJ FINSERV
      0.5 5.0/5 "Blown Away!"
      I took two wheeler loan from Bajaj in the year of 2009. The process went smooth. Actually it is very easy to avail any kind of loan from Bajaj but the only thing we have to be conscious on the rate of interest. Sometimes it will be on higher end with them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 17, 2017
    • review Two Wheeler Loan
      "Hassle Free Experience"
      BAJAJ AUTO FINANCE
      0.5 4.0/5 "Great!"
      Bajaj auto finance is really great, they had processed the bike loan within a day on other next day I got my bike delivery. I requested Bajaj customer service to process my two wheeler immediately due to some emergency purpose, hence they considered and the process was compelted very fast.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 16, 2017
    • HDFC Bank Two Wheeler Loan
      "The Best Bank"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I had taken two wheeler loan from HDFC bank. The rate of interest was very normal for my two wheeler loan, which was 11.25%. It was easy to avail the loan from HDFC bank, even the documentation process was very simple. There was no hassles with the bank for loan services.
      Was this review helpful? 1
      , mumbai
      Reviewed on May 16, 2017
    • review Two Wheeler Loan
      "Good. Can be lesser in rates"
      BAJAJ FINSERV
      0.5 3.5/5 "Pretty good"
      I have taken a two wheeler loan from Bajaj Finserv. It is a flexible process to get this loan as I am a existing customer. But the institution is pretty high on the interest when I compare them with other banks. There are high charges taken a well.
      Was this review helpful? 2
      , hyderabad
      Reviewed on May 15, 2017
    • HDFC Bank Two Wheeler Loan
      "Very prompt in charges"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      HDFC bank is very prompt in charges. I took two wheeler loan from them. Their rate of interest is normal. They will charge what they committed in the beginning while taking the loan. Even they showed me about EMI calculations. They do not make the customer suffer in any way.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 13, 2017
    • ICICI Two Wheeler Loan
      "Recommendable Loan Products"
      ICICI BANK
      0.5 5.0/5 "Blown Away!"
      There was nothing delayed on my two wheeler loan with ICICI, everything was on time. I approached the loan showroom, so the process was quick I got my bike delivery on time. I had taken the loan amount around Rs.60,000 from ICICI, they all have done a very good job.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 12, 2017
    • ICICI Two Wheeler Loan
      "ICICI TWO Wheelerloan"
      ICICI BANK
      0.5 4.5/5 "Excellent!"
      Best rate of interast and fast process. It was totally a hassle free experience with ICICI Bank on my bike loan, I had taken this loan in Dec 2016 at the loan amount I have opted for 30k approximately and they charges me minimal.I have preclosed loan as i got the money.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 10, 2017
    • HDFC Bank Two Wheeler Loan
      "Good service"
      HDFC BANK
      0.5 5.0/5 "Blown Away!"
      I got the 2 wheeler loan within 3 days of time with HDFC bank. The rate of interest is nominal with Hdfc 2 wheeler loan. The documentation process was done smooth and easy, but I have faced hassle while doing my endorsement clearance of the vehicles, still they can make it easy, because they do charge for the documentation process.
      Was this review helpful? 2
      , pondicherry
      Reviewed on May 10, 2017
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